AUDCAD Up 2 Pips in Last Hour, Entered Today Up For the 3rd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated April 6, 2021 2:13 GMT)

At the moment, AUDCAD’s rate is up 2 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is up 30 pips (0.32%) since yesterday (opening today near 0.95876), marking the 3rd consecutive day it has gone up. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 9th in terms of percentage change since yesterday. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Coming into today AUDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.9636, 0.9752, 0.9719 and 0.9604 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 16.6 pips away. Volatility for AUDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone up 9 them.